August 12, 2003

On August 6, 2003 the Decree of the President of the Republic of Belarus No. 348 On Introducing Alternations to the Decrees of the President of the Republic of Belarus of May 24 1996 No. 209 and of April 8, 1997 No. 233 was adopted. The Decree brings in changes to the Decree On Measures Regulating Banking Activity in the Republic of Belarus and On Some Questions of Crediting the Population relevantly. According to the alternation of the Decree No. 209 the bail and guarantee under the credit contact shall be secured by the pawning of property, except for the bail and guarantee under the credit contract of the sum less than 2000 basic values.

Decree of the President of the Republic of Belarus of August 6, 2003 No. 347 On Some Questions Connected with Declaring Incomes, Property and Sources of Money by Natural Persons establishes sanctions to natural persons for not presenting the declaration on incomes and property in cases provided by legislation or submitting not full or invalid information in it, for not presenting by natural persons the declaration on sources of money in cases provided by legislation or submitting not full or invalid information in it, concluding (registration) of the contract at absence of the certificate of the taxation body on submitting the declaration on sources of money, if such declaration is required under the legislation, and sanctions for not presenting the declaration on incomes and property or indication of not full or invalid information in it by the persons who are required to submit such declarations at their hiring or at the time of their work (service).

The Law of the Republic of Belarus of July 22, 2003 No. 226-Z On Currency Regulation and Currency Control establishes the basics of currency regulation and currency control for the purposes of securing the stability of balance of payments and the stability of Belarusian ruble, economic safety, providing the stable economic growth and development of international cooperation of the Republic of Belarus. The Law gives the definitions to major terms used in currency legislation, provides the rights and duties of state bodies, legal persons and citizens, sets forth the functions of the National Bank in the sphere of currency regulation and control.